Noble Group deals to sell four ships fall apart

The commodity trader Noble Group says proposed agreements to sell four dry bulk carrier vessels fell through after the buyers failed to get approval from their boards, reports Strait Times.

The disposal of the freight vessels for gross proceeds of about USD 95 million had been approved by Noble shareholders at a special general meeting on Jan 25.

The crisis-wracked company estimates it would have received about USD 30mln in net proceeds if the vessels had been sold. The proposed disposal of the vessels is a part of the Noble’s debt reduction plans.

According to a statement from the company, the vessels are still available for sale and the company has started discussions with interested third parties.

The reprt said that since the announcement of its deal for the vessels, the market value of the Kamsarmax dry bulk carrier vessels has risen, with the group having commissioned updated valuations of these assets on Feb 1.

The vessels are, in the current market, profit-generating and cash-flow positive and remain available for sale, and Noble has started discussions with interested third parties, adds the statement.